Marks and Spencer 1999 Annual Report Download - page 45

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32. Commitments and contingent liabilities
THE GRO UP TH E CO MPAN Y
2000 1999 2000 1999
£m £m £m £m
ACommitments in respect of properties in the course of development 151.5 134.8
BGuarantees by the Company in respect of debt instruments issued by subsidiaries – 1,258.3
CGuarantees made in the ordinary course of business
on behalf of overseas subsidiaries. – 161.7
DMarks and Spencer (Ireland) Limited and its subsidiary Aprell Limited have availed themselves of the exemption provided for in S17 of the Companies
(Amendment) Act 1986 (Ireland) in respect of the documents required to be annexed to their annual returns.
EO ther material contracts
In the event of a material change in the trading arrangements with certain warehouse operators, the Company has a commitment to purchase,
at market value, fixed assets which are currently owned and operated by them on the Company’s behalf.
FCommitments under operating leases
At 31 March 2000 annual commitments under operating leases were as follows:
THE GRO UP TH E CO MPAN Y
Land & Land &
buildings O ther buildings O ther
£m £m £m £m
Expiring within one year
Expiring in the second to fifth years inclusive
Expiring in more than five years
33. Foreign exchange rates
The principal foreign exchange rates used in the financial statements are as follows (local currency equivalent of £1):
SALES AVERAGE RATE PRO FIT AVERAGE RATE BALAN CE SH EET RATE
2000 1999 2000 1999 2000 1999
Republic of Ireland 1.15 1.15 1.18
France 9.64 9.74 9.81
Belgium 59.24 60.00 60.32
Germany 2.85 2.87 2.92
The N etherlands 3.24 3.28 3.30
Spain 243.90 246.01 248.79
United States 1.66 1.66 1.61
Canada 2.51 2.51 2.44
Hong Kong 12.83 12.84 12.51
Japan 209.16 206.75 191.18
34. Related party transactions
There were no material transactions with related parties as defined by FRS8,‘Related Party Transactions’.
ANNUAL REPORT AND FIN ANCIAL STATEMENTS 1999
N OTES TO THE FIN AN CIAL STATEMEN TS
43
MARKS AN D SPEN CER p.l.c.